Developer Yohan Lowie is buying onshore successful Las Vegas again, pursuing a nine-figure colony with the metropolis implicit his task plans for the shuttered Badlands play course.
The Bureau of Land Management precocious announced that it sold 108 acres successful the Las Vegas Valley for astir $68.6 cardinal done an online auction held successful precocious April. As seen successful the database of buyers provided by the agency, the winning bidders included Lowie’s steadfast EHB Companies.
Lowie’s radical picked up a 20.6-acre parcel astatine the northeast country of Tropical Parkway and Alpine Ridge Way, successful the northwest valley, for astir $14.2 cardinal done a constricted liability institution controlled by EHB.
The just marketplace worth for the tract was astir $9 million, according to the BLM.
Property records amusement the crippled is wrong Las Vegas metropolis limits.
In general, homebuilders, onshore flippers and different existent property investors often bargain onshore successful Southern Nevada done BLM auctions.
Tom Letizia, a typical for Lowie’s firm, said successful an email that EHB has nary remark connected its onshore purchases.
Plans for Badlands
The acquisition follows a yearslong ineligible battle implicit Lowie’s redevelopment plans for the closed Badlands play people astatine Alta Drive and Rampart Boulevard.
Lowie, main enforcement of Las Vegas-based EHB, acquired the astir 250-acre Badlands spot successful 2015. Years earlier, his steadfast partnered to make 2 large neighboring projects: retail-and-office analyzable Tivoli Village and luxury condo towers One Queensridge Place.
The play people closed successful 2016, and according to a selling brochure, EHB drew up plans for thousands of multifamily units, dozens of ample homesites and unfastened space.
But the task faced beardown opposition, particularly from residents successful the surrounding Queensridge area, and Lowie’s radical took the metropolis to court, successful cases involving antithetic sections of the property.
Lowie’s radical claimed the metropolis efficaciously took their spot erstwhile it blocked their redevelopment plans, and the developers won aggregate times successful court.
Hefty settlement
In precocious 2024, the Las Vegas City Council approved a settlement to resoluteness the remaining litigation successful the protracted ineligible fight.
Under the deal, the metropolis agreed to bargain the shuttered play people from Lowie’s radical for $636 cardinal and past promptly merchantability it for $350 cardinal to homebuilding elephantine Lennar Corp.
The transactions closed past year.
Overall, the colony statement outgo the metropolis $286 million, prompting Las Vegas officials to instrumentality a bid of cost-saving measures, including buyout offers, hiring freezes and task delays.
Meanwhile, project plans nether Lennar person called for 1,480 residential units — a premix of townhouses, condos and single-family homes — connected the erstwhile play course.
The Miami-based builder says caller homes are coming successful 2028 to the development, called The Preserve.
Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342.
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